WASHINGTON – Sales of existing homes fell 3.1% in October, and were 1.6% below data for October 2007, the National Association of Realtors reported today.

There were 4.98 million existing homes sold in September, compared with 5.14 million in September and 5.06 million in October 2007.

"Many potential home buyers appear to have withdrawn from the market due to the stock market collapse and deteriorating economic conditions," National Association of Realtors Chief Economist Lawrence Yun said in a statement.

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